Algorand Warns Of Fake ALGO Wallet, Users Face Issues

Popular Algorand (ALGO) blockchain warned of the new type of scam, targeting its users as dozens of them reported issues with their Algorand Wallets.

The Algorand Foundation addressed the community today warning of the fake ALGO wallet app available on app stores. 

The fraudulent wallet is called “My Algo Wallet” and has been issued by some Hangzhou Qileyuon Network Technology Co, which has no relation with Algorand blockchain developers. 

The announcement warns users to be careful and do not download any suspicious applications issued by anyone else except the official Algorand blockchain developer Rand Labs.

Users Complain

In the meantime, multiple users began to report issues regarding their ALGO wallets.

“Today when I logged in, it shows up as blank. My account and holdings don’t show up. Any reason why this is happening?”, asked Algorant users on Reddit. 

His complaint was supported by many other users, who addressed the same issue. The majority of them stated they had to reboot their phones to fix the problem and have the wallet working again.

The users have not specified though, which ALGO wallet exactly they have been using.

Still available on App Store

Algorand Foundation urges users to be vigilant and states that the imposters have been reported. However, the fake “My Algo Wallet” app is still available to download from the App Store at the time of publishing.

In the meantime, Algorand’s Twitter community members report that the fake wallet has been available on Apple’s App Store for more than six days already.

Why Should You Care

Fake crypto wallet apps typically mimic the original ones and are a constant threat to cryptocurrency users. They are used to steal private keys and thus transfer all the cryptocurrency out of the victims’ accounts.